Re: Are You Sure? (Fri.)

Subject: Re: Are You Sure? (Fri.)
From: "Gene Kim-Eng" <techwr -at- genek -dot- com>
To: "John Posada" <jposada01 -at- yahoo -dot- com>, "List,Techwriter" <techwr-l -at- lists -dot- techwr-l -dot- com>
Date: Fri, 9 Dec 2005 10:37:56 -0800

Ok, here's the actual error:

It was a *sell* order. The order was to *sell* 16 shares at
610,000 yen and inadvertently entered as sell 610,000 shares
at 16 yen. Almost 65,000 shares were bought before the order
was stopped, and now the brokerage house is obligated to buy
those shares at market price and sell them to those who bought
at a price of 16 yen per share.

I am of the opinion that a simple "are you sure?" dialog would not
have assured prevention of this, as most people will look at an
error they've just made and not notice it. The SW would have
to actually compare the price entered to the current market price
and then pop up an "are you crazy?" message.

Gene Kim-Eng

----- Original Message ----- From: "Gene Kim-Eng" <techwr -at- genek -dot- com>
To: "John Posada" <jposada01 -at- yahoo -dot- com>; "List,Techwriter" <techwr-l -at- lists -dot- techwr-l -dot- com>
Sent: Friday, December 09, 2005 10:29 AM
Subject: Re: Are You Sure? (Fri.)

If the going price for one share is 610,000 yen and I place an order for
any number of shares at only 1 yen there shouldn't be any trade to stop
in the first place, because there isn't going to be a seller anywhere willing
to fill it. The only thing the system should do in response to any such attempt
is signal a bunch of people in some brokerage office to laugh at me. This
system has much bigger problems than the lack of a user verification dialog.


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Are You Sure? (Fri.): From: John Posada
Re: Are You Sure? (Fri.): From: Gene Kim-Eng

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